European Economic Affairs Commissioner Pierre Moscovici said Thursday that progress has been made in negotiations with Italy over its 2019 budget, but added that an agreement has not yet been reached.
On Wednesday Premier Giuseppe Conte proposed setting Italy's deficit target to 2.04% of GDP next year, rather than the 2.4% pencilled in in the government's draft budget plan, in a bid to stop the EU opening an infringement procedure. "It's a step in the right direction, but we aren't there yet," Moscovici said. "There are still steps to take, perhaps by both sides".
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